Triton to invest Rs 2,100 crore to establish EV manufacturing plant in Telangana
The Telangana Government has secured another huge investment in the electric vehicle sector. The government has signed an MoU agreement with the Triton Electric Vehicle, a leading US-based EV manufacturer. It will invest Rs 2,100 crore in the state to establish an ultra-modern manufacturing plant. The new EV manufacturing unit will create employment opportunities for 25,000 local youth, said the IT and Industries Minister KT Rama Rao. Let us read more in detail about the Triton to establish an EV manufacturing plant.
Triton to establish EV manufacturing plant
The Telangana government’s Department of Industries and Commerce has signed a Memorandum of Understanding (MOU) with the US-based company for the establishment of a manufacturing unit for electric buses at NIMZ, Zaheerabad. The minister’s office said the initiative will employ more than 25,000 persons and produce 50,000 vehicles over the first five years including semi-trucks, sedans, luxury SUVs, and rickshaws.
The government of Telangana will provide the needed land to the company through TSIIC at NIMZ Zaheerabad. The Triton EV and the Telangana government announced that this facility will cover a million square feet. The Triton EV plans to invest $1.5 billion in this manufacturing facility over the next five years. In the next few months, the first instalment of $300 million will be injected.
Delighted to announce that Triton EV – a leading US based Electric Vehicle company will be investing ₹ 2,100 Crores to establish an ultra-modern EV manufacturing unit at NIMZ, Zaheerabad in Sangareddy district
An MoU is signed between Triton EV & Govt of Telangana today pic.twitter.com/HeHG6wHdw3
— KTR (@KTRTRS) June 24, 2021
The Triton EV CEO Himanshu B Patel has shared the company’s plan for the expansion of the electric vehicles industry with Telangana Industries Minister KT Rama Rao through a video conference. He said that they already have $2.2 billion in purchase orders from India. The company has also received orders for 3000 electric vehicles from the Telangana government itself.
Triton has chosen its facility located at Zaheerabad’s National Investment and Manufacturing Zone (NIMZ) and could make over 50,000 sedans, semi-trucks, luxury SUVs, e-rickshaws, and other EVs within five years of its operation.
Triton Electric Vehicle LLC has signed an MoU with Hyderabad-based Talwar Auto Garages as the South India distributor for its e-trucks. The company will have electric trucks in the 50 tonnes to 100-tonne range which is expected to be available by April 2022. The company is also planning to roll out some smaller electric trucks.
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